Kaya Limited (KAYA)
₹318.75 -3.01% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Kaya's revenue was ₹60.1 Cr (+13.9% year on year, +7.8% on the previous quarter), and net profit ₹-15.2 Cr (a bigger loss than a year earlier); the operating margin was 6.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹60.1 | +13.9% | +7.8% |
| Operating profit | ₹3.9 | +3.3% | from loss |
| Net profit | ₹-15.2 | loss widened | loss narrowed |
| EPS (₹) | -9.99 | loss narrowed | loss narrowed |
| Operating margin | 6.4% | — | — |
KAYA exchange data
NSE end-of-day data for
It closed at a price band (circuit) on 3 sessions in about the last 20.
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Kaya Limited has received in-principle approval from BSE and NSE on October 14, 2026, for the listing and allotment of up to 4,00,000 equity shares of face value Rs. 10 each under the Kaya Stock Option Plan 2021. With the company's current market cap around Rs 473 Cr, the 4 lakh shares represent a minor potential dilution of ~2.7% of existing equity capital. The shares will be issued and allotted as and when options are exercised by eligible employees, subject to standard regulatory and listing compliances.
- In-principle approval granted for up to 4,00,000 equity shares under Kaya Stock Option Plan 2021
- Shares have a face value of Rs. 10 each
- Approvals received from BSE (DCS/ESOP/IP/RD/277/2026-27) and NSE (NSE/LIST/57642) dated October 14, 2026
Kaya Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, dated October 3, 2026. It confirms that all securities received for dematerialisation during the quarter were duly processed, verified, and cancelled as per regulatory timelines. This is a purely administrative disclosure with no financial impact.
- Regulation 74(5) compliance certificate submitted for the quarter ended September 30, 2026
- Certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited dated October 3, 2026
- Confirmation that dematerialised security certificates were processed and cancelled within prescribed timelines
Kaya Limited has issued clarifications to the stock exchanges regarding its proposed preferential issue of 18,24,150 equity shares at Rs 274.10 each (raising ~Rs 50 crore, or ~11.1% of market cap). The company revised its post-issue shareholding pattern to account for 5,39,739 outstanding ESOPs on a fully diluted basis. Promoter holding will dilute from 51.43% pre-issue to 45.91% post-preferential (and 44.50% on a fully diluted basis). Additionally, the pre-preferential shareholding lock-in for the concerned allottee has been extended from March 1, 2027, to March 31, 2027.
- Preferential issue of 18,24,150 equity shares at an issue price of Rs 274.10 per share (premium of Rs 264.10)
- Total capital raised stands at approximately Rs 50 crore, with no change to issue size or pricing
- Post-issue diluted shareholding accounts for 5,39,739 outstanding employee stock options
- Promoter and promoter group holding decreases from 51.43% pre-issue to 44.50% on a fully diluted basis
- Pre-preferential shareholding lock-in for concerned allottees extended to March 31, 2027 (from March 1, 2027)
Kaya Limited shareholders have approved all four resolutions at the Extraordinary General Meeting held on September 5, 2026, with over 99.99% voting in favour. Key approvals include the issuance of equity shares on a preferential basis and the appointment of Rishabh Mariwala as Managing Director for 5 years effective November 1, 2026. Harsh Mariwala will transition to Chairman and Non-Executive Director starting November 1, 2026, following the completion of his term as CMD. Additionally, shareholders sanctioned amendments to the Kaya Employee Stock Option Plan 2021.
- Resolution approving preferential issue of equity shares passed with 99.9999% votes in favour (8,000,759 votes).
- Rishabh Mariwala appointed as Managing Director for a 5-year term starting November 1, 2026.
- Harsh Mariwala to shift from Chairman and MD to Chairman and Non-Executive Director from November 1, 2026.
- Amendments to Kaya ESOP 2021 approved with 10,090,827 votes in favour (99.9999%).
- A total of 57 shareholders attended the meeting via video conferencing.
Kaya Limited concluded its Extraordinary General Meeting (EGM) on September 05, 2026, to vote on key corporate and leadership resolutions. Shareholders considered the appointment of Mr. Rishabh Mariwala as Managing Director for 5 years and the transition of Mr. Harsh Mariwala to Chairman and Non-Executive Director, both effective November 01, 2026. The meeting also transacted resolutions for the issuance of equity shares on a preferential basis and amendments to the Kaya ESOP 2021. Final voting tallies will be released following the scrutinizer's report.
- Appointment of Mr. Rishabh Mariwala as Managing Director for a period of 5 consecutive years effective November 01, 2026.
- Transition of Mr. Harsh Mariwala to Chairman and Non-Executive Director effective November 01, 2026.
- Special resolution presented for issuance of Equity Shares on a preferential basis.
- EGM conducted via video conferencing on September 05, 2026, with scrutinizer's report awaited for final voting results.
Kaya Limited has informed stock exchanges that Mr. Lokesh Wagadre has resigned from his role as Vice President and Head IT (Senior Management Personnel). The resignation was tendered on September 1, 2026, to pursue career opportunities outside the company. He will serve a 3-month notice period and step down on November 30, 2026. The transition is routine and not expected to have a direct financial impact on the company's core operations.
- Mr. Lokesh Wagadre tendered resignation as VP & Head IT on September 1, 2026
- Effective date of cessation is close of business on November 30, 2026
- Serving a 3-month notice period to ensure transition and knowledge transfer
Kaya Limited has announced a preferential issue of 18,24,150 equity shares to raise approximately ₹50 crore from non-promoter investors Axana Estates LLP and Plutus Investments India Private Limited. The shares are priced at ₹274.10 each, which is close to the current market price of ₹289.2. This capital infusion is critical for the company, which currently faces a negative net worth of -₹153 crore and a total debt of ₹296 crore. An Extraordinary General Meeting (EGM) is scheduled for September 05, 2026, to seek shareholder approval for this fundraise.
- Preferential allotment of 18,24,150 equity shares at a fixed price of ₹274.10 per share
- Total fundraise amount aggregates to ₹49,99,99,515 (approx. ₹50 crore)
- Proposed allottees include Axana Estates LLP (8,45,009 shares) and Plutus Investments India Private Limited (9,79,141 shares)
- Relevant date for price determination set as August 06, 2026
- Fundraise represents approximately 11.7% of the company's current market capitalization of ₹426 crore
Kaya Limited has approved the grant of 75,000 stock options to eligible employees under its 2021 Scheme - VI. Each option is convertible into one equity share of face value Rs 10, representing a potential equity dilution of approximately 0.51% based on the current market cap of Rs 409 Cr. The options carry a minimum vesting period of 2 years and must be exercised within 1 year of vesting. This grant comes as the company navigates a challenging financial period with a TTM PAT loss of Rs 97 Cr and a negative net worth of Rs 153 Cr.
- Grant of 75,000 stock options approved by the Nomination and Remuneration Committee on August 10, 2026
- Minimum vesting period of 2 years from the date of grant
- Exercise period of maximum 1 year from the date of respective vesting
- Potential equity dilution of ~0.51% relative to the current estimated share count
- Exercise price to be determined by the NRC, not lower than the face value of Rs 10
Kaya Limited's board has approved a preferential issue of 18,24,150 equity shares to raise approximately Rs 50 crore. The issue price of Rs 274.10 is at a slight premium to the current market price of Rs 271.0. This capital infusion is critical for the company, which currently reports a negative net worth of Rs -153 crore and TTM losses of Rs 97 crore. The board also approved increasing the ESOP pool by 4,00,000 options to a total of 12,03,204 options.
- Preferential issue of 18,24,150 equity shares at a price of Rs 274.10 per share
- Total aggregate cash consideration for the issue is Rs 49,99,99,515 (~Rs 50 Cr)
- Axana Estates LLP to increase its shareholding from 13.76% to 17.25% post-allotment
- ESOP pool increased by 4,00,000 options, bringing the total pool to 12,03,204 options
- Extra-ordinary General Meeting (EGM) scheduled for September 05, 2026, to seek shareholder approval
Kaya Limited's shareholders have approved the re-appointment of Ms. Vasuta Agarwal as an Independent Director for a second five-year term, effective from August 3, 2026, to August 2, 2031. The approval was granted via a special resolution at the 23rd Annual General Meeting held on August 7, 2026. Ms. Agarwal brings significant digital and business strategy expertise from her roles at Gnani.ai, InMobi, and McKinsey. This board continuity comes as the company navigates a difficult financial period, reporting a TTM loss of ₹97 Cr and a negative net worth of ₹153 Cr.
- Re-appointment for a second term of 5 consecutive years starting August 3, 2026.
- Approval obtained via Special Resolution at the 23rd AGM on August 7, 2026.
- Director brings over 10 years of leadership experience from InMobi and McKinsey.
- Company currently operates 121 clinics across 26 cities in India.
- TTM revenue stands at ₹222 Cr with a significant net loss of ₹97 Cr.
Kaya Limited concluded its 23rd Annual General Meeting on August 7, 2026, where shareholders approved the audited financial statements for FY26. The company continues to face significant financial stress, reporting a TTM net loss of ₹97 Cr and a negative net worth of ₹153 Cr. All resolutions, including the re-appointment of Mr. Rajendra Mariwala and Independent Director Ms. Vasuta Agarwal, were passed with the requisite majority. Despite 1,86,924 invalid votes in the director re-appointment resolution, the promoter group (51.43% stake) and public institutions largely supported the management's proposals.
- Total of 18,322 shareholders were on record for the AGM held via video conferencing
- Resolution to adopt FY26 Audited Financial Statements passed with 99.9999% votes in favour
- Ms. Vasuta Agarwal re-appointed as Independent Director for a 5-year term ending August 2, 2031
- Promoter group cast 1,86,924 invalid votes during the re-appointment of Mr. Rajendra Mariwala
- Only 33 shareholders attended the meeting, including 11 from the promoter group
Kaya Limited conducted its 23rd Annual General Meeting on August 7, 2026, to transact business including the approval of FY26 financial statements. The company currently faces significant financial stress with a TTM net loss of ‡97 Cr and a negative net worth of ‡153 Cr. Shareholders voted on the re-appointment of Mr. Rajendra Mariwala and Ms. Vasuta Agarwal (Independent Director). Management, including the Chief Business Transformation Officer, addressed member queries regarding the company's performance and strategic direction.
- AGM held on August 7, 2026, lasting approximately 64 minutes from 09:30 AM to 10:04 AM.
- Considered Audited Financial Statements for FY26 where TTM revenue stood at ‡222 Cr.
- Proposed re-appointment of Mr. Rajendra Mariwala as a Director retiring by rotation.
- Proposed a Special Resolution for the re-appointment of Ms. Vasuta Agarwal as an Independent Director.
- Management addressed queries regarding business transformation following the divestment of the Middle East business.
Kaya Limited reported a 14% YoY increase in revenue to ₹60.1 Cr for Q1 FY27, driven by double-digit growth across its clinic (16%) and product (16%) segments. However, the company's net loss widened slightly to ₹15.2 Cr from ₹14.2 Cr in the previous year's quarter. Management attributed the increased loss to the impact of GST 2.0 changes effective September 2025, which restricted input tax credit availability. The company continues to face financial stress with a negative net worth of ₹153 Cr as per the latest annual data.
- Revenue from operations grew 14% YoY to ₹60.1 Cr for the quarter ended June 30, 2026.
- Net loss widened to ₹15.2 Cr compared to a loss of ₹14.2 Cr in Q1 FY26.
- Skin business and Hair business segments grew by 19% and 17% respectively over Q1 FY26.
- Clinic business registered a 16% revenue growth, primarily driven by Brightening, Acne, and Anti-Aging services.
- The company currently operates 82 clinics pan-India, down from the 121 clinics previously reported in historical context.
Kaya Limited has announced a significant leadership transition, with Rishabh Mariwala appointed as Managing Director for a 5-year term starting November 1, 2026, as founder Harsh Mariwala moves to a Non-Executive Chairman role. For Q1 FY27, the company reported revenue of ₹60.14 crore, a 13.9% increase from ₹52.79 crore in the previous year's quarter. Despite revenue growth, the company remains under financial pressure with a negative net worth of ₹153 crore as of March 2026 and auditors continuing to flag 'going concern' risks. Notably, the board has deferred a planned fundraise through equity or debt until further notice.
- Rishabh Mariwala appointed as Managing Director for a 5-year term effective November 1, 2026
- Q1 FY27 revenue from operations increased to ₹60.14 crore from ₹52.79 crore YoY
- Board deferred the agenda for raising capital through equity or debt securities until further notice
- Auditors highlighted negative net worth and working capital position as of June 30, 2026
- Harsh Mariwala to transition from MD to Non-Executive Chairman effective November 1, 2026
Kaya Limited reported Q1 FY27 revenue of Rs 60.14 Cr, a 13.9% increase from Rs 52.79 Cr in the same quarter last year. The company announced a major leadership transition with Rishabh Mariwala appointed as Managing Director for 5 years starting November 1, 2026, while founder Harsh Mariwala moves to a Non-Executive Chairman role. Notably, the board deferred a planned fundraise (equity/debt) until further notice, despite the company's negative net worth of Rs -153 Cr and an auditor's 'going concern' emphasis of matter. The company remains reliant on promoter support to meet obligations over the next 12 months.
- Revenue from operations grew 13.9% YoY to Rs 60.14 Cr for the quarter ended June 30, 2026.
- Rishabh Mariwala appointed as Managing Director for a 5-year term effective November 1, 2026.
- Harsh Mariwala to transition from Managing Director to Non-Executive Director and Chairman on November 1, 2026.
- Board deferred the agenda for raising funds through equity or debt securities until further notice.
- Auditors highlighted a 'going concern' risk due to negative net worth and working capital as of June 30, 2026.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations for H1 FY26 reached INR 106.64 Cr, representing a 2.18% growth compared to INR 104.36 Cr in H1 FY25. Standalone revenue for Q2 FY26 was INR 53.85 Cr, showing a marginal 2.5% increase over the previous quarter's INR 52.52 Cr.
Geographic Revenue Split
The company has transitioned its geographic focus by classifying Middle East operations (Kaya Middle East FZE and DMCC) as discontinued operations following a sale agreement. India now represents the primary revenue driver with 121 clinics across 26 cities, while the Middle East business was sold for an enterprise value of approximately INR 73.70 Cr (AED 33 Million).
Profitability Margins
Profitability remains under significant pressure; the consolidated loss before tax for H1 FY26 was INR 32.85 Cr, compared to a loss of INR 10.82 Cr in H1 FY25. Historical operating margins showed improvement to 14.49% in FY20 from 5.85% in FY19, but high overheads from rentals and manpower continue to suppress net margins.
EBITDA Margin
EBITDA is impacted by high fixed costs; depreciation and amortization for H1 FY26 stood at INR 20.83 Cr (approx. 19.5% of revenue). Operating income has remained stagnant in the INR 400 Cr to INR 420 Cr range over a three-year period, indicating a lack of core profitability scaling.
Capital Expenditure
The company is rationalizing its footprint by closing or relocating loss-making centers. While specific future CAPEX figures are not disclosed, the relocation of the Barsha clinic involved a cost of AED 1.35 Million (INR 3.26 Cr) which was recognized as other income via buyer reimbursement.
Credit Rating & Borrowing
The company previously held an ACUITE A- rating with a Stable outlook, which was withdrawn in August 2020 at the company's request. Standalone borrowings as of September 30, 2025, were INR 160.93 Cr, with additional lease liabilities of INR 91.29 Cr.
Operational Drivers
Raw Materials
Consumables and materials used in skin and hair care treatments (e.g., specialized dermatological chemicals, serums, and clinical supplies) represent the primary raw material costs, totaling INR 3.58 Cr for H1 FY26 (3.3% of revenue).
Import Sources
Not specifically disclosed, though the company notes exposure to global technological advancements in skin care, suggesting some specialized equipment or consumables may be imported.
Capacity Expansion
Current capacity consists of 121 Kaya clinics across 26 cities. Expansion strategy has shifted toward 'rationalizing cost structures' and 'relocating loss-making centers' rather than aggressive new clinic additions.
Raw Material Costs
Cost of materials consumed decreased by 23% YoY from INR 4.65 Cr in H1 FY25 to INR 3.58 Cr in H1 FY26, reflecting either lower procurement costs or a shift in service mix toward less material-intensive treatments.
Manufacturing Efficiency
Not applicable as a service-oriented clinic business; efficiency is measured by clinic-level profitability and the closure of non-performing units.
Logistics & Distribution
Not disclosed as a percentage of revenue; however, the business model relies on clinic-based service delivery rather than heavy physical product distribution.
Strategic Growth
Expected Growth Rate
2-5%
Growth Strategy
Growth is targeted through the sale of the Middle East business to Humania GCC Holding Limited to de-leverage the balance sheet, focusing on the Indian market, and enhancing the revenue mix through new customer addition and high-margin skin/hair care services.
Products & Services
Specialized skin care treatments, hair care solutions, and dermatological products sold through 121 clinics and e-commerce platforms.
Brand Portfolio
Kaya, Kaya Skin Clinic.
New Products/Services
The company constantly reviews technological innovations to bring global skin-care technologies to the Indian market, though specific revenue contribution % for new launches is not disclosed.
Market Expansion
Focus is currently on consolidating the Indian footprint across 26 cities rather than entering new international markets following the Middle East divestment.
Market Share & Ranking
Not disclosed, but identified as a major organized player alongside VLCC and Lakme.
Strategic Alliances
Divestment of Middle East business to Humania GCC Holding Limited; the company also maintains a strong association with the Marico Group (promoter Harsh Mariwala).
External Factors
Industry Trends
The wellness and beauty industry is seeing a shift toward premium segments and e-commerce competition. Kaya is positioning itself by adopting global technologies and rationalizing its physical clinic footprint to improve efficiency.
Competitive Landscape
Intense competition from large organized players like VLCC, Lakme, and Loreal, as well as fragmented local dermatologists and aggressive e-commerce product sellers.
Competitive Moat
The primary moat is the 'Kaya' brand equity and its association with Mr. Harsh Mariwala (Marico Group), providing financial credibility and management expertise. However, this moat is challenged by low switching costs for customers.
Macro Economic Sensitivity
Highly sensitive to discretionary spending trends; economic slowdowns directly impact the wellness and beauty industry demand.
Consumer Behavior
Shift toward seeking advanced technological solutions for skin and hair, requiring constant investment in new clinical equipment.
Geopolitical Risks
The divestment of the Middle East business reduces direct exposure to geopolitical instability in that region.
Regulatory & Governance
Industry Regulations
Compliance with healthcare and clinical establishment norms across various Indian states; subject to consumer protection laws regarding service efficacy.
Environmental Compliance
Focus on reducing power, water usage, and eliminating excess paper use as part of environmental responsibility.
Taxation Policy Impact
The company reports significant deferred tax assets and losses; current tax expenses are minimal due to ongoing losses.
Legal Contingencies
The company reported no instances of fraud by auditors. It maintains a Secretarial Audit with no qualifications or adverse remarks for FY25.
Risk Analysis
Key Uncertainties
The ability to turn profitable in the Indian market post-Middle East divestment is the primary uncertainty, with a potential 20-30% impact on valuation if losses persist.
Geographic Concentration Risk
High concentration in India (100% of continuing operations) across 26 major cities.
Third Party Dependencies
Dependency on skilled dermatologists and clinical staff; high attrition is a noted industry-wide weakness.
Technology Obsolescence Risk
High risk; the beauty industry requires frequent upgrades to laser and diagnostic equipment to remain competitive.
Credit & Counterparty Risk
Adequate liquidity is maintained to meet maturing debt obligations of INR 7.50 Cr to INR 11.92 Cr annually.
